...What is Taxation? Taxation defined in the Essentials of Jamaica Taxation, 3rd edition volume 1 state,’ it is a form or another which has been levied on citizens from ancient times.” Further reading also suggests that taxation is a compulsory contribution to state revenue, levied on individuals and businesses by the government. Taxes are deemed a necessity by its government in order to provide infrastructure such as roads, hospitals, welfare programs, national security, pensions and aid in the government’s legal and financial legislation. The Encyclopaedia Britannica states that the purpose of taxation is for Redistribution - transferring wealth from the richer section of society to the less fortunate, Repricing - which is tax imposed on goods and services that are considered hazardous to our health such as tobacco, bleaching products and alcohol; and Representation - which indicates that the citizens demand accountability from their government. Taxation Structure Seventeenth-century French statesman Jean-Baptiste Colbert expressed that “the art of taxation is the art of plucking the goose so as to get the largest possible amount of feathers with the least possible squealing.” Today’s economists have rather different ideas of what constitutes a good tax system. There is a popular belief that a tax system should follow two main principles: fairness and efficiency. Scottish economist Adam Smith laid out these principles in his landmark treatise The Wealth of...
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...Identify the internal and external context for risk management Introduction: in the October of 2015, MacVille has started a relationship with a small village that grows coffee beans called Papua New Guinea (PNG). The business will provide equipment and high-level skilled training to the village in exchange for cheaper roast beans. Internal context: MacVille is an Australian coffee supply business. It imports and supplies top quality coffee for cafes and restaurants. Their vision is “Within five years, MacVille intends to have established itself as the number one coffee supplier for fine coffee shops and restaurants in Australia.” The business has strategic directions to achieve its vision. MacVille also has Risk Management Policy and Procedure, which shows what to do to reduce level of risk, how to do it and who has responsibility. The business has Risk Management Process follows Risk Management Process Australia standard. External context: * Legislations: Macville follows legislation, standards and codes of practice as Work Health and Safety Act 2011(Qld), Australian Securities and Investments Commission Act 2001(Cwlth), Corporations Act 2001(Cwlth). PNG has developed a new OSH legislation, a new OSH framework, a new OHS structure that is economically driven. In April 2011, the Governments of Fiji and Papua New Guinea introduce a new program that was intended to improve the standards and practices on the workplace. * Economic environment in PNG: PNG’s economic...
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...SCHOOL OF ACCOUNTANCY UNIVERSITI UTARA MALAYSIA BKAT 2013 – PRINCIPLES OF TAXATION TUTORIAL 3 – UNEARNED INCOME QUESTION 1 Under what circumstances income derived from rental of properties is taxable under Section 4(a) – Business Income instead of under Section 4 (d) – Investment income? QUESTION 2 (A) Mr. Rozmi has opted to retire from MR Resources Sdn Bhd in 2011. In 2012, he reported the following with regards to his income: Pension - optional retirement | 3,000 | Annuity paid by Bening Insurance Bhd, a Malaysian life insurer | 9,000 | Malaysian dividend, net | 14,400 | Royalties from musical composition | 23,000 | Interest on fixed deposits with Maybank for 15 months' tenure | 16,000 | Mr Rozmi owns a service apartment, which is let out for rent. The statement of income and expenditure for the year ended 31 December 2001 is as follows: Rent received | | | 26,300 | Less: Expenses | | | | Mortgage loan interest | 14,400 | | | Quit rent | 300 | | | Assessment and rates | 150 | | | Cost of tiling the cement floor of the balcony | 1,200 | | (16,050) | Net rental income | | | 10,250 | The accumulated rental loss brought forward from the previous year was RM2,800. REQUIRED: Computed the aggregate income for Mr Rozi for the year assessment 2012 (B) Mr Ramli and his wife jointly owned a condominium that had been let for rent since 2006. The statement of rental income and expenditure is as follows: Rent received: | |...
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...were England residents. Meetings that were held in the English Capital were used to make most of the key decisions that impacted greatly on the direction of the company’s business. The London based office was the one that engaged in all of the negotiations concerning contracts with the syndicates that bought the diamonds. This office was also the one that determined how the mines were to be developed, directors’ appointments etc.In short, it was London that controlled and imposed the key decisions taken by the company directors that even affected Kimberly and its activities in South Africa. Lord Loreburn, after reviewing all these facts, found it appropriate to treat the Company as a resident of the United Kingdom. He came up with the principles that: ‘A company resides, for the purposes of Income Tax, where its real business is carried on … I regard that as the true rule; and the real business is carried on where the central management and control actually abides’. It is very important that when one is using offshore structures to do business in a foreign jurisdiction to always ensure that...
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...Accredited Tertiary Courses Listing 2012 Accredited Tertiary Courses Listing 2012 – as at 26 September 2012 1 2012 Accredited Undergraduate Courses AUSTRALIAN CAPITAL TERRITORY The Australian National University University of Canberra NEW SOUTH WALES Australian Catholic University Australian Institute of Higher Education Avondale College Charles Sturt University Kings Own Institute Macquarie University Southern Cross University Top Education Institute The University of New England The University of New South Wales The University of Newcastle The University of Sydney University of Technology, Sydney University of Western Sydney University of Wollongong Williams Business College NORTHERN TERRITORY Charles Darwin University QUEENSLAND Australian Catholic University Bond University Central Queensland University Christian Heritage College Griffith University James Cook University Queensland University of Technology The University of Queensland The University of Southern Queensland University of the Sunshine Coast SOUTH AUSTRALIA Flinders University Kaplan Business School The University of Adelaide University of South Australia Open Universities (conferred by Uni of SA) TASMANIA University of Tasmania VICTORIA Australian Catholic University Cambridge International College Carrick Higher Education Deakin University Holmes Institute Holmesglen Institute of TAFE La Trobe University Melbourne Institute of Technology Monash University Northern Melbourne Institute of TAFE RMIT...
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...charge imposed on taxpayers. Avoidance or evasion of tax is punishable by law. Taxes can either be indirect taxes or direct taxes. It is worth noting that a few countries in the Middle East impose no taxation. Examples of Direct taxes include income tax, corporate tax, and any tax imposed on property. Indirect taxes, on the other hand, include, value added tax, sales tax, per unit tax and excise tax. In this paper, I will discuss excise taxes and also the impact of taxation. According to (Kaplow, 512), excise taxes are paid when certain goods such as gasoline are purchased. Excised taxes are put in the price of the product. Excise taxes are also imposed because of wagering and also to trucks when they use major highways. In the video, various issues surrounding excise tax have been highlighted. One of these issues includes the principle of taxation that is fairness, and the other issue is tax incidence. A). Benefits Principle According to (Dubin, 234), this principle outlines that imposition of tax should depend on the benefits received. This policy argues that those who should pay high taxes are those who receive greatest benefits. This principle of taxation is applied to usage of public goods such as libraries, highways, national parks, colleges, forests, etc. The principle of fairness explains that tax imposed on individuals or corporate must be equal across the board, all should carry equal tax burden. In my own I do not believe that the excise tax imposed upon Whiskey...
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...OUTLINE CHAPTER ONE: INTRODUCTION A. Introductory Statement B. Statement of the Problem C. Significance of the Study D. Theoretical Framework E. Scope and Limitation F. Review of Related Literature CHAPTER TWO: JOHN RAWLS PHILOSOPHY A. Biography of John Rawls CHAPTER THREE: PHILIPPINE TAXATION A. Concept of Taxation B. Nature of Taxation and Its purpose C. Concept of Income Taxation D. Purpose of Taxation E. Current Uses of Taxation CHAPTER FOUR: SOCIAL JUSTICE IN TAXATION A. Social Justice B. Principles of Justice C. Well Ordered Society D. Original Position E. Veil of Ignorance F. Civil Disobedience CHAPTER FIVE: CONCLUSION CHAPTER ONE: INTRODUCTION A. INTRODUCTORY STATEMENT The works of John Rawls was basically centered on justice as depicted on his work “Theory of Justice” and “Political Liberalism. John Rawls is considered to be one of the most influential philosophers during his time as he specialized in the concept of justice and fairness as a tool for attaining social justice in the society. His works received various criticisms since it may be viewed as unrealistic but though it may be criticized, his works are one of the influential and most bought book and already translated in various language to be used as curriculum in philosophy classes. Rawls differentiate the concept of justice and fairness as he tried to show that the idea of justice is fairness and...
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...Taxation Determination FOI Status: may be released TD 95/10 Page 1 of 2 This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953, is a public ruling for the purposes of that Part . Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue. However, this Determination does not apply to taxpayers to the extent that it conflicts with the terms of a settlement of a dispute agreed to before the date of issue of the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20). Taxation Determination Income tax: what is the significance of the Archer Brothers principle in the context of liquidation distributions? 1. In a joint judgment, the Full High Court of Australia in Archer Bros Pty Ltd (In Vol Liq) v. FCT (1952-53) 90 CLR 140 at 155; 10 ATD 192 at 201 observed by way of obiter dicta: 'By a proper system of bookkeeping the liquidator, in the same way as the accountant of a private company which is a going concern, could so keep his accounts that...distributions could be made wholly and exclusively out of...particular profits...or income...' 2. These observations have given rise to what is known as the Archer Brothers principle. The principle is that if a liquidator appropriates (or 'sources')...
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...CollegeofAgriculture Bachelor of Science in agribusiness COURSE SYLLABUS IN social science 4 first semester, a.y. 2013-2014 I. COURSE CODE: SOC.SCI 4 II. COURSE TITLE: GENERAL ECONOMICS WITH TAXATION AND LAND REFORM III. Course Description: This course provides a comprehensive coverage of all major topics in economics. Attention is given to establish student understands of key economic principles with particular emphasis on the Philippine Economic system, its growth and development. The course covers the foundation of economics, demand and supply analysis, the concept of elasticity, the theory of production and the fundamental concept of micro and macroeconomics with the use of simple graphical and mathematical illustrations. Likewise, the course involves topics on taxation and agrarian reform with discussion on issues and problems related to its implementation. IV. CREDIT UNIT: 3HOURS V. TIME ALLOTMENT: 54 hours/ 3 hours per week VI. GENERAL OBJECTIVE: At the end of the course, the students are expected to know the fundamental principles of economics, and their application to everyday life. SOCIAL SCIENCE 4 – GEN. ECON WITH LAND REFORM AND TAXATION Time Allotment |TOPICS/ CONTENT |SPECIFIC OBJECTIVES |TEACHING STRATEGIES |VALUES INFUSED |INSTRUCTIONAL MATERIALS |LEARNING OUTCOMES |EVALUATION TOOLS | |3 |Reflection of LSPU Vision, Mission, Goals and Objectives •...
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...interest the most came from Chapter 12: Public Sector. The taxation principles; Benefits-received principle, and Ability-to-pay principle. I didn’t really understand taxes until now. I remember when I got my first job in a warehouse loading and unloading truck with cubes of brick and accessories to build houses. I was making $ 7.25 an hour. I was so anxious to get my check and see how much I made. 2 weeks went by and it was finally time for me to get paid. My boss was calling out names to collect their pay, and he couldn’t get to mine fast enough. Once my envelope concealing my check was handed to me, I walked to the bathroom and ripped it opened. Too my surprise, federal taxes and Social Security had been taken out. I was a little upset because I didn’t make that much as it was, and now the government had taken their share before I even got a chance to cash it. I soon realize that was the least of my worries, I still had to ration what was left over between necessities such as groceries, gas, and rent. As I was purchasing groceries, I noticed that the bill racked up fairly quickly, same with gas partially due to taxes. It wasn’t until after a few checks that I had realized that taxation was not going away anytime soon. I needed to figure out a way to either make more money or cut corners on expenses if wanted extra cash to save. Now after this course I realized that I could apply the Benefits – received principle to those experiences, and now can comprehend that because...
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...Subject code: BBEK1103 Subject: Principles of Microeconomics Contents Preface .......................................................................................................................................................... 2 Introduction ................................................................................................................................................... 3 Effects of Tax systemt .................................................................................................................................. 4 Evaluation of Tax Reforms……………………………………………………………………………………………………………………..10 Conclusion…………………………………………………………………………………………………………………………………………....11 References…………………………………………………………………………………………………………………………………………….14 Easa Faheem S11422649 Bachelors Degree in Human Resource Management 1 Subject code: BBEK1103 Subject: Principles of Microeconomics Preface This is a work done as part of the module „Principles of Microeconomics‟, which is part of the course Bachelor of Human Resource Management. Consisting of an analysis of a Tax reforms for Maldives, this assignment evaluates the purpose of the tax system, types of tax systems, effects of the tax reform systems to the economy and other factors which affect it. The objective of this work is to develop students‟ ability to analyse the critically tax reform systems of certain country, as well as the various external factors that have an impact on the economy...
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...I.GENERAL PRINCIPLES ( THE POWER OF TAXATION ( Definitions: 1. Taxation: Power by which the sovereign raises revenue to defray the necessary expenses of the government from among those who in some measure are privileged to enjoy its benefits and must bear its burden. 2. Taxes: Enforced proportional contribution from properties and persons levied by the State by virtue of its sovereignty for the support of government and for public needs. ( Characteristics of Taxes: 1. forced charge; 2. generally payable in money; 3. levied by the legislature; 4. assessed with some reasonable rule of apportionment; 5. imposed by the State within its jurisdiction; 6. levied for public purpose. ( Theories or bases of taxation: 1. Lifeblood Theory Taxes are the lifeblood of the nation. Without revenue raised from taxation, the government will not survive, resulting in detriment to society. Without taxes, the government would be paralyzed for lack of motive power to activate and operate it. (CIR vs Algue, Inc., et. al.) Illustrations of Lifeblood Theory: a. Collection of taxes may not be enjoined by injunction. b. Taxes could not be the subject of compensation and set-off. c. A valid tax may result in destruction of the taxpayer's property. 2. Necessity Theory Existence of a government is a necessity and cannot continue without any means to pay for expenses. a. Marshall Dictum “ Power to tax is the power to destroy” – describes the unlimitedness of the power...
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...Chapter 14 1. Please describe the concept of "double taxation" and discuss which entity(ies) are subject to this type of taxation. (5 pts) Double taxation is a principle in which income taxes are paid twice on the same source of earned income. Double taxation occurs because corporations are considered separate legal entities from their shareholders. The corporation is taxed on its earnings and the shareholders are then again taxed on the dividends they receive from those earnings. Double taxation is a disadvantage to C corporations because they are subject to this principle. Partnerships, S corporations and sole proprietorships are not subject to double taxation because they are conduits. Their income passes through to the owners and is taxed at that level only. 2. What type of taxpayers are considered "eligible" taxpayers with regard to special ordinary loss treatment of IRC Section 1244 stock? (5 pts.) Section 1244 stock allows losses from the sale of shares of small domestic corporations to be deducted as ordinary losses instead of as capital losses. Only individuals and partnerships are eligible for ordinary loss treatment if they were original holders of the stock. The stock loses its Section 1244 status when it is transferred. 3. Please describe how the treatment of capital gains(losses) differ for a C Corporation as compared to an Individual. ( 5 pts.) The process used to determine a corporation’s capital gains and losses is similar to that used by individuals...
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...To what extent are the Conservatives committed to their traditional principles [25 marks] Since 1979 the conservative party has undergone significant changes from the traditional party which first focused on ideas about human nature, order and pragmatism with new right conservatism under Thatcher. The current conservative party however, can be seen to be retaining traditional conservative principles and that they remain largely traditionalist. However there are many ways in which the conservative party has changed such as taxation, education and the welfare state. One way in which the conservative party has changed is through taxation. Traditionally the conservative party was known for believing in lower taxation rates. However the current conservative party has changed some of their policies and perhaps become more centralist on taxation. An example of this is proposing a new taxation scheme where people who earn under ten thousand pounds a year are exempt from paying tax; also a bigger ‘crack down’ on people who earn a larger salary. Therefore this means that they would pay more tax. This signifies deviation from traditional conservative principles; this can probably be labelled as part of the modernization of the party since Cameron has become leader. Another way the party has deviated from traditional conservative principles is through education. In contrast with the traditional condescending view on education by the conservatives, under Cameron...
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...E-commerce Taxation: Towards its Legalization Have you ever wanted to buy something with just one click without having to pay much as the usual? With the easy access and affordable prices, online purchasing has become the most convenient way of shopping for most teenagers. The popularity of the Internet particularly Facebook, Instagram and other social networking sites attracted many retailers to invest their businesses online without having to pay taxes like any other retailers do. By this, e-commerce continues to grow with the advancement in technology as it overshadows the traditional way of running a business by the insignificant purpose of the physical interaction between the buyer and the seller. E-commerce in itself is classified into three types: business-to-consumer in which online stores sell products to final consumers; consumer-to-consumer just in the case of eBay and Amazon and; business-to-business which involves job recruiting, online advertising, credit, sales, and the like (U, 2002, p.6). With the emergence of e-commerce, brick and mortar stores are slowly starting to degrade, thus alarming the government on the collection of lesser tax since the law regarding electronic commerce taxation is still being debated. This income generating phenomenon has been an attractive target to the government to cope with its huge loss on tax collection. So why pay tax? Richard Carlson (2002) once said, “At tax time, it helps to remember that if your tax obligation has increased...
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